The co-founder and former CEO, Glenn Chamandy, released a statement mentioning his unexpected termination from the firm where he spent 40 years of service. Gildan Activewear announced the appointment of a new President and CEO on Monday, resulting in Chamandy’s departure from his previous role, which he clarified in a separate statement was done without cause.
Scheduled to take over on February 12, 2024, Vince Tyra, previously associated with Fruit of the Loom, Broder Bros. (now Alphabroder), and most recently Houchens Industries, known for its diverse holdings, will assume the role. During the interim period, Craig Leavitt, a member of Gildan’s Board of Directors, will lead the company.
Gildan, primarily engaged in manufacturing basic apparel like activewear, underwear, and socks, collaborates with distributors, screen printers, and embellishers. The company owns several brands, including American Apparel, Comfort Colors, Goldtoe, and Peds, and has a licensing agreement for Under Armour socks in the U.S. and Canada.
Chamandy, who dedicated 40 years to Montreal-based Gildan, with 20 of those years as CEO, expressed pride in the company’s competitiveness. However, he indicated a divergence in vision with the Board, emphasizing his family’s impressive legacy within the company.
He conveyed gratitude to the customers for their unwavering support, acknowledging the company’s journey through various challenges. David Swartz, a senior equity analyst for Morningstar Research Services, expressed surprise at Chamandy’s statement, contrasting it with Gildan’s commitment to the growth plan initiated under Chamandy’s leadership in 2022.
Gildan recognized Chamandy’s instrumental role in propelling the company from a small family-owned business to a multi-billion-dollar apparel giant. Donald Berg, chairman of Gildan’s Board, praised Chamandy’s contributions in the company’s press release.
The incoming CEO, Tyra, was endorsed by Berg as the ideal leader to guide Gildan towards further success. While Tyra hasn’t helmed a public company previously, analysts like Swartz view his background, particularly his tenure at Fruit of the Loom, as advantageous for Gildan’s growth, given their shared markets.
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